Offering Details - The company closed a best-efforts offering of 1,454,546 shares of common stock at $13.75 per share, resulting in gross proceeds of approximately $20,000,000 [4] - The offering was priced at-the-market under Nasdaq rules on a post 1-for-250 reverse stock split basis [4] - ThinkEquity acted as the sole placement agent for the offering [1] Use of Proceeds - The net proceeds from the offering will primarily be used for working capital and general corporate purposes [1] Company Overview - XTI Aerospace is a pioneer in advanced aircraft design, developing the TriFan 600, a fixed-wing business aircraft with vertical takeoff and landing (VTOL) capability, speeds up to 345 mph, and a range of approximately 700 miles [6] - The company's Inpixon business unit is a leader in real-time location systems (RTLS) technology, providing location intelligence solutions to optimize operations, increase productivity, and enhance safety in industrial facilities [6] Regulatory Information - The securities were offered and sold pursuant to the company's effective shelf registration statement on Form S-3, filed with the SEC on May 31, 2024, and declared effective on June 18, 2024 [5] - The offering was made through a prospectus supplement and prospectus filed with the SEC [5]
XTI Aerospace Announces Closing of $20 Million Common Stock Offering